Topic: JPMorgan Chase bank backs Square's $50m Bitcoin investment (Read 337 times)

Maybe its just semantics but "bankers" aren't the enemy. Bankers as individuals are buying up bitcoin. The investment bankers that i know, they have all individually owned bitcoin at some point and some are holding. For more examples, you know that Stone Ridge actually bought bitcoin because the employees at the asset management firm won't stop buying it. JPM had to issue an advisory warning employees not to invest in bitcoin. Bankers are the people who see most of the shit going down at these places and some of them would prefer anything that brings a bit of method to the madness.

Banks as institutions though are now trying to wrap themselves around bitcoin, cryptocurrencies and the funding methods involved so that they can keep themselves relevant. They make money by siloing access to information, products and opportunities while taking the most profit out of it by funding the so called MNCs. Today as an individual, if a malaysian wants to sell something that a german will buy at a premium, they won't allow the exchange and let the poor guy gain from it. The silos are useful to them to keep a check on everything from world politics to demography. That is way too much power for someone to give away voluntarily. This is what bitcoin has challenged by enabling the common man to be part of a world economy without having to go through the hoops that they have placed for us. This is also one of the most important reasons that we must keep our privacy when it comes to all the KYC drama.

The way I see it, the banks discovered they can make money from this by adding Bitcoin and perhaps other cryptocurrencies as assets in investment portfolios that they will give a catchy name and sell them to institutions. They saw that Grayscale was successful and want a piece of the pie. It will be a trend as I've seen a reverse in the banking opinion for Bitcoin in Germany and Switzerland with banks given license to operate trading desks and perhaps have more options. It will all be custodial services of course.

I still remember the time where he said that Bitcoins is a fraud and that is way back 2017 where Bitcoin's price is surging up.

Bankers are the greatest enemies of Bitcoin that is why I will not change what I know against these bankers. They will support Bitcoin for a moment and then they will attack it because that is what destroys their business. They are destroying it but probably they are buying or at least holding some Bitcoins so in short they are gaining profits from it too. Stupid bankers.

No oil is not done for Norway, the funds formal name is "Government Pension Fund Global. " And remember that this is not the first time they have ventured, they also have real state and equities and others. They've just added bitcoin to diversity their portfolio - for long term sustainablity. And the main source of everything is still oil for Norway and that is their main asset since the discovery in late 60's. And  from then on Norway because one of the richest nation out there.

I actually don't think there can be more or less credibility for Bitcoin in existing traditional markets. Whoever's made up their mind about Bitcoin won't change it because someone else bought it. But yes agree, it might just trigger more purchases in the future -- regardless of what they actually think about it.


The Norwegian fund is only called the Oil fund because they were simply using the proceeds from oil and gas to invest. It's called a sovereign wealth fund. It's nothing to do with whether or not oil is done or if they're using oil to back up the krone... it's just that they've decided they're investing their wealth into Bitcoin.

JPMorgan is now on the Bitcoin bandwagon ever since it opened its services to cryptocurrency businesses. So it is not anymore surprising for them to fully back Square's investment decision to convert tens of millions into Bitcoin.

It must have already dawned on them that Bitcoin is not a joke as they must have treated it previously. And, of course, they must have also noticed that it is where the money is flowing so they cannot just waste the opportunity to earn from it as well. 

It means oil is done so the Norway will use bitcoin instead of oil to Back up their currency.

https://norwegian-btc.fund/

Lucky them,  , We can only wish that our country will follow suit as well.

As for the news, I think it will bring more credibility again to bitcoin market, regardless of what JP Morgan has said in the past, and with this statement, they could influence more companies to at least reevaluate on how they are going to handle their assets as bitcoin could be a good options, specially that we haven't enter the 'bull run' yet.

That's the most amazing news of today, most certainly! It's super nice to see an enemy of a path braking innovation is slowly becoming mature after realizing the business loss!

If businesses don't innovate, they will become extinct at some point of time. Jemie is trying to forget the past and looking forward for the future! Good job!

Unfortunately, I am not able to verify the legitimacy of this news from JPM website. So still a little skeptical!

Yep! They'll soon be looking at Bitcoin as the best-performing asset in their portfolio. Not sure how the Norwegian pension fund works out but it looks like almost all Norwegians have a stake in it, stacking those sats without even knowing. Lucky them, wondering when my country would follow suit;)

JP Morgan is just being a JP Morgan. He is really a banker, he wants more money.
It's just buying the news, sell the rumor. I really admire these guys in terms of Bitcoin, we all know that they are extremely powerful when it terms of finance, and they really a big player when we talk about them especially in the involvement with Bitcoin.

This is alsow what on my mind. I really believe that JP Morgan already got Bitcoins. He is just now waiting a right time and right price to dump again what he already bought and make again money, these guys are really intelligents.

Folks won't forget how Jamie Dimon addresses bitcoin before as fraud. And with that, we got it how these financial leaders and huge company owners have their say about bitcoin. They'll fight against it to make everyone believe that they don't like it which will move the price.

And when there's a significant movement happens after they release words, they'll buy it. Unlike Square, they've been known as bitcoin supporter and even it's owner.

They have to and who will be that next big company.

His war was nothing but a PR stunt and a way to influence the price.

He saw that the market reacted to his early negative opinions with some strong bearish moves so he keept on tweeting and told his people to try to use those influencial tweets to make money.

He even admitted later that his daughter is trading bitcoin.

Who can blame him though, bitcoin is a beast. A honeybadger of the markets.

JP Morgan is a big company so not everyone has the same view as their CEO, and this isn't the first time JP Morgan was positive towards Bitcoin. Plus, Jamie Dimon's comments were made a long time ago, in the more recent years he wasn't vocal about Bitcoin, and if I remember correctly, he even admitted that Bitcoin isn't that bad.

It's not big news, but still a little bit of positivity helps in the long run.

There are more investment funds in Microstrategy as BlackRock and the Vanguard Group:



Source

These are all accidental holders now!

Who wouldn't back any kind of investment by Dorsey?

In other news related to corporate buys of Bitcoin, just ready myself that the Norwegian government has a 2% stake in MicroStrategy (that bought a big plump recently).

Not to mention it actually directly owns almost 600 BTC already from earlier investments.

I wonder where they got this info, and it's not great of them not to mention the source in the article. Since the only source seems to be this article (and other news portals write the same stuff), I'd say it's probably fake. JPMorgan could say something like that because they love doing whatever's profitable for them (which includes sometimes bearish and other times bullish crypto stuff), but I don't think they did it this time. I would, however, be surprised on them saying anything good about Square because isn't it a solid opponent of banks? And it's not like Jack Dorsey needs approval from these people.

My suspicion is that JP Morgan has already accumulated some bags and now looking to encourage the masses to pump the price. On the other hand they could be trying to create liquidity to sell their position and perhaps looking to buy more on dips, but IMO the first variant is more plausible.

Indeed, payment companies who do not already make the first steps to adopt Bitcoin and cryptocurrencies in general could soon find themselves lagging behind the industry.

This sounds like nonsense to me.There's plenty of space for other companies to invest in the crypto industry.
The risk of "getting shut out" is totally fake,if you ask me.There aren't any "market barriers" in the cryptocurrency world(except KYC,but the fiat payment processors already have experience with KYC policies).
Maybe the analyst is talking about a possible crypto price boom that will benefit the early investors,who bought cheaper coins,while the companies,which are investing too late will have to buy coins at a higher price.

My question is mostly about this report and if someone actually has the source. It seems this is not published anywhere and I only read it from a coindesk article. I don't know how to contact the author at coindesk, otherwise I would have done that already.

JPMorgan will open trading desks for their customers to trade Bitcoin. I don't agree with banks messing with Bitcoin and I think we don't need them, as we don't need exchanges either. They aren't different, they are centralized services too. I want to read the whole article though because most of times some crypto media are missing a lot in their reports that can be important.
I was also aware of what Dimon did, they bought Bitcoin when spreading fud in 2017 many times too when Bitcoin was in a course to 10k and more.